Hicks 'shocked, devasted and frustrated' after sale
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Originally posted by charleslee:
1stly, if i'm not wrong, the board hasn't been sacked yet from the club?...2ndly, the last we heard about hicks and gillett is that they are not able to pay off their loans with gillett defaulting on his part and hicks going around to borrow $$ from financial institutions...thirdly, mind enlightening me by showing evidences that they used their own $$ to buy players? lastly, club profits may have increased, but the debts due to them on the club have increased exponentially as well...to the point that the profits cannot cover the debts totally..
if i'm not wrong, the global financial crisis basically devalued everything?
Well, not according to Hick. "Hicks Holdings replace Purslow and Ayre, Broughton continued with the conference call board meeting even though Hicks had put the phone down"
So technically, G&H didn't take part in that follow-up meeting so the court now have to decided if Broughton had the right to continue with the meeting with 2 ex-directors...
When a dateline has not arrive, how can we assume they are not able to pay of the loan? We are putting the cart ahead of the horse now aren't we? And how will the RBS react is still not known for sure. It is still a bank looking to make profitable investments. And in the event that they come to know other financial house willing to give H&G a loan to repay them and earn the profitable interest, they might actually be more willing to offer an extension on the current one... I mean who would want to go against a good profitable business deal? Definiely not a bank...
You seriously need me to enlighten you on how they used their own money for players? Have you been reading the articles? Where do yo think the big money arrivals of Mascherano, Babel, Robbie Keane, Torres, Johnson, Aquaman and the others came from? G&H gave birth to them? Or just do a quick check and tell us, prior to G&H taking over, how many big money "star players" did they ever bought? I can't even come up with one yet let alone 3. And are you aware Liverpool was already well in debts before G&H took over? Operating profits were very low too during those days...
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Originally posted by a-Lost-9uY:
rite nw, as a Pool fan, i can onli hope tis issue is solved asap..
the more dragging it is the more "poor form" Pool will be..
To be honest, I feel for some other Pool fans to put the blame solely on the 2 owners is just an easy way out... Probably just to make themselves feel better about the form of the team. The real problem here is the manager, how they started out from the beginning of the season. Cos remember Hodgson arrived and when Joe Cole was signed, almost everyone in Pool colours rejoice. And many pundits even had they as serious challengers this season... Then what happen since then? J Cole first match gets a red card, out for next 3 matches. Torres loss form or don't seem as interested to play for Hodgson as for Rafa, Carragher sloppy but still gets pick while Agger gets upset with Hodgson on the bench... All these can't possibly blame owners on the other side of the world right?When Harry took over Spurs 8 games into the season, Spurs had only 2 points, only 2 points on the table! It can't be any better than Pool currently having 6 from 7 games right? But the moment he took over, a new fighting spirit was seen from the players and they went on and amazing run of results like victory against Bolton, a 4-4 draw away to Arsenal, beat Pool, beat City away then beat Pool again in a cup match. This is what is really lacking in the current Pool squad, the fighting spirit.
In terms of quality players, sure they do have them. But in terms of fighting spirit... It isn't there yet. And this I feel they have to look at the manager who have already had some senior players like Agger unhappy with him.
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Liverpool chief Christian Purslow insists £300m takeover bid will succeed
Bad start: but Purslow is confident the £300m sale to New England Sports Ventures will go through
Liverpool chief executive Christian Purslow is confident the proposed £300million sale of the club to New England Sports Ventures will go through.
Purslow maintained the Reds board had 'done their homework' on the American investment group, which owns the Boston Red Sox baseball team, and said that the club's £237m debt would be wiped out if the takeover, which is subject to a High Court challenge from current owners Tom Hicks and George Gillett, goes through next week.
He also insisted manager Roy Hodgson's job was safe and that the Liverpool fans would be given a voice should the new owners be able to complete their takeover.
Hicks and Gillett borrowed money from the Royal Bank of Scotland to complete their purchase of Liverpool in 2007, a debt which Purslow insists would be wiped out by an NESV buy-out.
Purslow told BBC Radio Five Live's Sportsweek programme: 'My total priority has been to try to remove the debt which has been put on this club and which has been a cloud since February 2007.
'It is wrong that we should have so much of the money that comes through the turnstiles or through our commercial activity go to pay interest on loans.
'A bidder who has been willing with cash to rid of us of all this long-term debt is by far the largest and most important priority in evaluating bids.
'We have done our homework and NESV are buying this business with cash and clearing our debt which transforms our financial position overnight.'
In new hands: John W Henry, the flamboyant commodities trader, revitalised the world-famous Boston Red Sox baseball team
Hicks and Gillett have launched a legal challenge to the takeover, describing it as invalid and insisting that the offer by NESV under-valued the club. The High Court case is set to begin on Tuesday.
If the court rules in favour of Hicks and Gillett, RBS could call in their debt as early as Friday, when repayment is due in full, and force Kop Holdings into administration.
That would almost certainly result in a nine-point penalty being imposed on the club by the Premier League, which would leave them bottom of the table on minus three points.
However, Purslow said: 'I'm not even contemplating administration.'
NESV, who own American baseball team the Boston Red Sox, and all efforts were focused on tying up the deal.
Speaking on BBC Radio 5 Live's Sportsweek programme Purslow also gave an insight into why NESV had chosen Liverpool, saying: 'Last Monday we had two very good offers to buy our business that would clear all our debts and I am completely focused on making sure that the sale completes.
'They (NESV) see a number of parallels with the Red Sox when they purchased them and Liverpool today and the word that jumps off the page every time we sit with them is 'winning.'
Protest: Liverpool fans have never warmed to Hicks and Gillett
'They see winning on the field is linked to how you perform commercially off the field. They go hand in hand. It's extremely enjoyable to make sports clubs more successful. Whether you're a poor or a rich sports fan, winning is great fun and I sense both of those things when we meet with these people.
'They approached us. They met our chairman. He was immediately struck with their seriousness and the entire senior management team of NESV came to Liverpool.
'They spent a large amount of time in the club doing their work and those are important signs of people's seriousness in the transaction business.'
Purslow said he was convinced NESV, fronted by businessman John W Henry, would supply cash for team building and unlike Hicks and Gillett would maintain a high-profile presence at Anfield.
Purslow said: 'You don't spend $300m on buying a sports team for it to be a mediocre team.
'If they buy Liverpool I would expect them to be very visible around the business. They are serious people, they're deadly serious about wanting to succeed. I can't imagine they'd be hands-off for one minute.'
Purslow also insisted that if the deal went through the Liverpool fans, who have protested vociferously against the current owners, would be given a say in how the club was run.
He said: 'Our fans have felt totally disenfranchised by the experience of the last three years. One thing I really liked about NESV is they are really serious about the importance of engaging with their fans.
'I've asked them to consider a scheme at our club that will give our fans a real sense of ownership, a real sense of inclusion, the kind of voice they deserve and NESV have told us they'll look at this very seriously if they complete.
'It's not been easy with the current owners - tensions have been high and so that side of things has been difficult but now that we have potential new ownership I don't want to miss the opportunity to make sure that our fans never again feel so disenfranchised.
Under pressure: Liverpool are currently in the relegation zone following a disastrous start to this season's campaign
'The most important principle is that fans need to feel that they have a means to express their views and to be listened to and the sense of ownership obviously is the most extreme example of that.'
Purslow also urged Hicks and Gillett to call off their High Court action and to walk away from Anfield for the good of the club.
He said: 'Right now they do have an opportunity with one simple short correspondence today to allow a sale to complete and that would clear the club of all the acquisition debt and give us a massive lift before the Everton game(next Sunday). A fresh start and real hope for our fans and players that we can get back to the top.
'That's in their gift and would enable them to leave with some dignity and some peace rather than precipitating a messy dispute. I hope they'll think about that.'
When asked about Hodgson's contract, which had been reported to include an exit clause, Purslow said: 'There is nothing in Roy's contract which is not totally standard under the LMA (League Managers' Association) guidelines.'
Pressed if Hodgson would be part of the set-up if the takeover is completed Puslow replied: 'Absolutely.'
Purslow, however, was unclear whether it would mean a new stadium for the club.
'We've shown NESV all the plans around the stadium that we have planning permisson for in Stanley Park,' said Purslow. 'They know we believe this is the way forward and have been very impressed by that. It's been a key ingredient in attracting them to Liverpool.
'A bit too much has been made that when they bought the Red Sox they refurbished the existing stadium. In fact the same ownership group in two previous teams built new stadia in Baltimore and San Diego.
'It's simple, given that a new owner will be paying for a new stadium it is entirely reasonable and their prerogative that when they get here they want to pull up the carpets, fine-tune the detail that we are proposing and make their final decision. They want to increase the capacity of Liverpool Football Club.'
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Some sources now say the deal might fall through.
Liverpool's takeover by the owners of the Boston Red Sox will not go ahead if the English club is forced to enter a form of bankruptcy protection and gets penalised in the Premier League standings, people with knowledge of the negotiations said Saturday.
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I find the 3 stooges are coming out with so much info at this point is rather too disgusting... I mean info from them may not even be true... I feel they are trying very hard and all means to influence the judge... I read so many articles saying the deal going through is good for this and that but really... I think they should follow G&H and keep quiet and see how the judge decides... And to be honest, I hope the judge decides in favour to G&H cos it's just not a right thing to do from the 3 stooges and it may open a whole new can of worms. How can a non owner director sell away a business when the owners are not happy with the price? Liverpool FC isn't dead, their debt isn't as bad as other clubs... And since they arrived, the club have spent more money than Chelsea, United and Arsenal these last few years. Whose fault is it that most of their purchases turn out to be flops? Certainly not the owners, and I don't think they would want that too... I say the court should leave it alone and let the bank handle G&H... If they can't pay up, they will get kick out anyway... My honest opinion is, this is a no win situation for Pool FC. Why? cos either way, they end up with bad owners cos I don't see how the new Yanks will go over the top for a British sport they know little of... And as it stands, they aren't even rich to start with... They don't even dare to give a guarantee to build a new stadium and stay evasive on the topic... So I feel a G&H control may actually be a better thing for the club. Their fans need to be alittle more patient cos G&H will sell it's just to who and at what price. And if someone is willing to pay more, chances are he would most likely be a lot richer than the present one being mentioned. I find this John W Henry is only an opportunist... Looking for a quick bargain deal... The guy is worth just over $500m so don't expect record signings after the first year... Which ever way one look at it, it's a bad deal for Pool fans. Cos selling to them now will only prolong the fans frustration for a longer period cos G&H time is almost coming to an end so with a little patience, they may actually find a better owner... But it seems in their haste to get rid of G&H, they may end up getting out of the frying pan and into the fire...
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What i just don't understand is that why are G&H unable to secure a refinancing of their loan with RBS bank and also why is RBS so insistent on calling back the loan? Ok, from a financial viewpoint, having cash on hand is always good, but their loan to Liverpool at an interest rate of 16.75% isn't too shabby either, and i really don't think that lending money to Liverpool is such a risky business as compared to Portsmouth or Leeds etc.
In any case, if they are willing to refinance or extend the loan period, over time, they can still enjoy their interest as well as the yearly repayment sums, and also who knows, maybe by waiting, some Sugar Daddy will come along and buy up everything at a price that will make everyone happy including G&H. And RBS bank can also earn more from the deal.
Unless of course RBS bank feels that the 200+million can be better used elsewhere if not i don't see what they stand to lose from extending the loan period. I don't really think for one moment that RBS will want to call back the loan and send Liverpool into administration and having to come in and do all the dirty work themselves.
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Martin Broughton, the suave businessman and Chelsea fan, brought in last April stand to earn a reported £500,000 bonus for selling the club. Broughton also raised the prospect of an alternative sale to a Singapore consortium should the New England Sports Ventures breaks down...
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Originally posted by stellazio:
What i just don't understand is that why are G&H unable to secure a refinancing of their loan with RBS bank and also why is RBS so insistent on calling back the loan? Ok, from a financial viewpoint, having cash on hand is always good, but their loan to Liverpool at an interest rate of 16.75% isn't too shabby either, and i really don't think that lending money to Liverpool is such a risky business as compared to Portsmouth or Leeds etc.
In any case, if they are willing to refinance or extend the loan period, over time, they can still enjoy their interest as well as the yearly repayment sums, and also who knows, maybe by waiting, some Sugar Daddy will come along and buy up everything at a price that will make everyone happy including G&H. And RBS bank can also earn more from the deal.
Unless of course RBS bank feels that the 200+million can be better used elsewhere if not i don't see what they stand to lose from extending the loan period. I don't really think for one moment that RBS will want to call back the loan and send Liverpool into administration and having to come in and do all the dirty work themselves.
There is no confirmation that RBS will recall the loan... It's currently only being mentioned by the 3 stooges... Like a bogeyman kind of rumour to pressure the sale...
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Liverpool to receive new bid from Singapore billionaire
The bidding contest for Liverpool FC may not be over, the BBC can reveal.
The runner-up in the contest, Peter Lim, a Singapore billionaire, is to approach Liverpool's board with a view to making a higher offer for the club.
According to sources close to Mr Lim, he was the club's preferred bidder in the closing stages of the auction.
He had talks with Liverpool's chairman about how to announce his takeover, such was the apparent confidence that he would win the contest.
'No loans'
Mr Lim learned he was not the victor only a few hours before the club's chairman, Martin Broughton, announced on 6 October that Liverpool would be sold to John Henry's New England Sport Ventures for £300m.
Mr Lim, who is being advised by the British firm of lawyers Macfarlanes and by the Wong Partnership of Singapore, still does not know why Mr Broughton went with New England Sports Ventures, owners of the Boston Red Sox.
He believes that in purely monetary terms, his offer was at least as attractive as Mr Henry's.
Mr Lim, too, was offering to repay all of Royal Bank of Scotland's and Wachovia's £200m of long-term debt, to take on £60m of other debt and to inject £40m of working capital.
What's more - and Mr Lim regards this as crucial - all the money being provided by him would come from his own cash resources. He is not planning to borrow any of it.
I understand he is also offering to provide tens of millions of pounds to Liverpool's manager, Roy Hodgson, to allow him to buy players when the transfer window opens in January.
According to executives close to Mr Lim, he was told by Mr Broughton that his ability to fund the takeover for cash, and the size of his cash resources, meant he was a more attractive owner than New England Sports Ventures.
Mr Lim was told that Liverpool's board was concerned that New England Sports Ventures would have to borrow to finance the takeover - raising questions about whether Liverpool really would break free from the financial shackles perceived to have been imposed by the current owners, George Gillett and Tom Hicks.
In the event, New England Sports Ventures have insisted it will not load up Liverpool FC with debt.
But there are no guarantees that there will not be significant debt further up the corporate ownership structure of New England Sports Ventures - which could limit how much money Mr Henry and his colleagues can inject into Liverpool in the future.
Mr Lim is keeping a close eye on the court case, which starts on Tuesday.
The case is supposed to rule on whether Mr Broughton can sell Liverpool to New England Sports Ventures against the wishes of Mr Hicks and Mr Gillett.
The Singapore billionaire believes the judgement in that case may give him an opportunity to bid again, whatever Mr Broughton may wish.
Business empire
Mr Lim is also prepared to buy Liverpool, should it ultimately collapse into administration under UK insolvency procedures.
According to sources close to him, he feels that he may have been shut out because New England made an offer to Royal Bank of Scotland to pay some of the £40m penalty fees the banks have demanded.
If that is the case, he believes Royal Bank may have done a poor deal, because he would be prepared to pay RBS and Wachovia more than the £10m or so which New England Sports Ventures is said to have put on the table.
"He never had a chance to negotiate directly with Royal Bank [of Scotland]," said a source. "He was expecting to do so, after agreeing the takeover with the board."
Mr Lim has an estimated net worth of $1.6bn (£1bn), according to Forbes Magazine.
He made his fortune in fashion, logistics and agri-business.
His interest in English football stems from his ownership of several Manchester United themed bars in Asia - which have persuaded him that there is huge global potential for making money from top-flight English football.
Meanwhile, Royal Bank of Scotland announced on Monday afternoon that it had obtained an injuction to prevent Liverpool owners Tom Hicks and George Gillett from sacking Martin Broughton or any other of the club's board members ahead of Tuesday's court case.
bbc
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what is the full name of this mr lim?
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If I am correct, it should be Peter Lim, the guy that built up his fortunes from the stock market. He was in the news quite sometime back for that country club stuff... This is one smart guy and I think taking his offer would do Pool better...
Along with I think the name is Dennis Fu or something, I belief he is a United fan, but this guy is all about the business... Everything he touches seems to turn into gold...
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If i not wrong, this Peter Lim is the one that divorce his old age wife to marry the TCS actress right? Forgot wat name already.....
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NESV has no intention of losing Liverpool to Lim
ESPNsoccernet can disclose New England Sports Ventures (NESV) has a watertight contract to purchase Liverpool and has no intention of relinquishing that right despite a late attempt from Singapore businessman Peter Lim to launch a rival takeover bid.
The Liverpool board has agreed to sell the club to NESV for £300 million but their ability to do so has been challenged by co-owners Tom Hicks and George Gillett. Tuesday's High Court hearing will help to determine whether the takeover has the legal basis to reach completion.
But Lim, who is being advised by the British firm of lawyers Macfarlanes and by the Wong Partnership of Singapore, is preparing a rival offer and hopes to outbid NESV to take control of Liverpool.
It is understood that Lim's interest forced NESV to increase its original offer last week, leading the group, fronted by John W Henry, to emerge as the favoured party. Lim believes his offer was at least as attractive as that on the table from the owners of the Boston Red Sox.
It is being reported by the BBC that Lim was told Liverpool's board was concerned that NESV would have to borrow to finance the takeover. But Henry's group has insisted it will not load up the Premier League side with debt.
The American group's £300 million agreement is signed and sealed, pending High Court hearings this week which will address the issue of whether chairman Martin Broughton and the board had the authority to sell the club against the wishes of the co-owners, who stand to lose £144 million if the NESV deal goes through.
Clearly Lim is looking closely at the opportunity that might arise if Hicks should win his court case, nullifying the NESV deal, and the club ends up in administration on Friday, when the deadline expires for the Americans to repay Royal Bank of Scotland £237 million.
Lim owns several Manchester United-themed bars in Asia and according to Forbes magazine is said to have a £1 billion fortune.
soccernet.
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Originally posted by zocoss:
If I am correct, it should be Peter Lim, the guy that built up his fortunes from the stock market. He was in the news quite sometime back for that country club stuff... This is one smart guy and I think taking his offer would do Pool better...
Along with I think the name is Dennis Fu or something, I belief he is a United fan, but this guy is all about the business... Everything he touches seems to turn into gold...
if hes a united fan, why not buy united from the scum glazers...
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Well, that's because I don't think he is able to afford United unless he liquidate all or most of his assets... And Liverpool at under $300m is really a bargain price for a club like them...
Late bid: Peter Lim is weighing up an improved offer for Liverpool
The emergence of Singapore billionaire Peter Lim as the man behind the Asia-based bid overlooked in favour of NESV by the Liverpool board does not change the current situation.
NESV, owners of the Boston Red Sox baseball franchise and led by John W Henry, have already concluded their negotiations and should RBS be successful in court, they are in a position to effect a swift change of ownership.
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hahaha 300m? didnt know they devaluated by that much
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I hope Peter Lim buy Liverpool manz! Can see SG youth joining Liverpool youth team
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Imagine Liverpool's home ground in Singapore.
Liverpool vs Malaysia in Singapore.
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Liverpool Home... Malaysia Away... -
No offence to Liverpool fans. Just sharing...hahas -
i knew it would be Peter Lim..................looks like he wants to lose up to 1/3 of his fortune...........LOL
he also kana whipped up in the hype of being a football club owner............
today there's no surer way of losing money than buying a football club...............virtually all the big clubs are losing money...............
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Poolman can change job to be his driver if he really can takeover liverpool...
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I would be more concern should Peter Lim becomes their new owner cos the guy is not only 2 to 3 times richer than that John W Henry, he is also a smart businessman. And being a direct owner unlike Henry who have to depend on a board of 18 others... Things can get done very fast.
And I also belief he being a United fan for many years, and having grown up following the English League, have a good football knowledge unlike the Americans who I guess don't really know much other than the game is called soccer back in the USA... lol. And even as a United fan. I belief he knows Pool's history a lot better than Henry too...
So, I would be more concern if he becomes their new owner... Cos building their stadium isn't beyond him as from the history of his business dealings, he has always manage to bring rich and able people together and used their money to his advantage... But I feel if Henry is going to build their stadium, he will load the club with new debts down the road...
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Originally posted by I-like-flings(m):
Poolman can change job to be his driver if he really can takeover liverpool...
hjahaha then he can tip Peter Lim which player to scout and buy for Liverpool
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nooooooo, i wana see Liverpool 20th with -3 points.
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being a good businessman doesn't mean you can run a club as well......remember alan sugars at spurs ??
oh well, maybe we'll see hariss harun on trial at pool....